Bernard Madoff will continue to remain free as the New York judge rejected government prosecutors’ attempt to send him to jail for mailing more than one million dollars to family and friends over the holidays and for carrying out the largest financial fraud in history.
The judge said that that the prosecutors failed to prove that Madoff is a flight risk or a danger to the community. Normally the judge makes a decision based on two factors which is the determination of whether the accused is a flight risk or a danger to the community.
‘The government fails to provide sufficient evidence that any potential future dissemination of Madoff assets would rise to the level of an economic harm’ Magistrate Judge Ronald L. Ellis wrote.
The judge added, ‘The issue at this stage of criminal proceedings is not whether Madoff has been charged in perhaps the largest Ponzi scheme ever, not whether Madoff’s alleged actions should result in his widespread disapprobation by the public, nor even what is appropriate punishment after conviction. The legal issue before the court is whether the government has carried its burden of demonstrating that no condition or combination of conditions can be set that will reasonably assure Madoff’s appearance and protect the community from danger’.
The Judge is aware and has acknowledged widespread clamor for Madoff’s prosecution and public interest but the Judge said that proper legal considerations must take precedence.
Yahoo reports: ‘In a separate decision, another Magistrate signed off on an extension for a deadline to indict Madoff until February 11. That means Madoff will remain free for at least another month, provided he does not violate the term of his bail during that time.
Madoff and his investment company have been accused by hundreds of investors who lost substantial amount of money by investing in his firm with the promise of high yields ranging from one to five per cent monthly.
Many believe that Madoff, who was once the chairman of NASDAQ and a well respected person in the industry, is not solely responsible for the investment fiasco; they think that some influential personalities are part of the whole operations.
In the meantime, the case against Madoff and his investment company continues